Property and casualty insurance company Travelers is venturing into aviation with its Travelers Aviation division, announced last month.
European Union (EU) Regulation 785/2004, which went into effect April 30 and requires minimum aircraft insurance levels for war risk and third-party liability, has resulted in "severe financial impacts" for operators far greater than expected, according to the International Business Aviation Council (IBAC).
Following a hard look at the recent series of air charter accidents, the National Air Transportation Association has taken steps to assist operators in improving safety. NATA president James Coyne unveiled the association's new “Safety 1st” air charter Safety Management System (SMS) in a town hall meeting yesterday with some 50 aviation businesses at Teterboro Airport.
As deliveries of very light jets (VLJs) begin, concerns that they might be difficult to insure have almost evaporated. Manufacturers have had the chance to brief underwriters in depth about their models’ designs, performance characteristics and systems.
The “Safety Bucks” program from insurer USAIG (United States Aircraft Insurance Group) has contributed more than $4.3 million over the last nine years to defray the training costs or participants in its Preferred Policyholder Program, according to figures released here at Heli-Expo.
Swiss air-rescue provider Rega is ready to help any similar organization that would like to set up a membership-based financing plan. In a presentation at the Geneva Heli Trade show this fall, Rega spokesman Walter Stünzi explained how the private foundation has relied successfully on donors for three decades. An unusual case now, Rega’s system could yet become a model as it has many advantages over other financing systems, he said.
Operators flying within, to, from or over the 25-nation European Union (EU) need to check their insurance policies to ensure that they meet the new minimum liability requirements that will take effect on April 30. Failure to do so could result in the prohibition of flights, the withdrawal of operating licenses and, potentially, criminal prosecution.
Business aircraft and large charter operators may start seeing reduced insurance premium rates within the next few months, if they haven’t already. According to various brokers, insurance premiums for certain segments of the business aircraft and charter market have fallen by 25 percent or more in the past six to 12 months.
A little over one year has passed since the European Union introduced higher minimum liability insurance requirements for aircraft registered within the EU, and those of foreign registry flying into or over its 25 member states.
Zurich based Exklusiv Aviation Services also has offices in Moscow and Istanbul. This clearly indicates its orientation, although the company says it is offering worldwide service. Exklusiv works as an executive charter broker at large but has a special relation with Luxair for marketing the seats of its fleet of seven Falcon 900s and 2000s.